US slaps sweeping sanctions against Russia

The United States yesterday issued sweeping sanctions to mark the second anniversary of Russia's invasion of Ukraine, targeting over 500 people and entities as Washington seeks to increase pressure on Moscow.

The measures targeted the Mir payment system, Russian financial institutions and its military industrial base, sanctions evasion, future energy production and other areas. They also included officials involved in the death of Russian opposition leader Alexei Navalny, the Treasury and State departments said in statements.

The action seeks to hold Russia to account over the war and the death of Navalny, US President Joe Biden said in a statement, as Washington looks to continue to support Ukraine even as it faces acute shortages of ammunition and US military aid has been delayed for months in Congress.

"They will ensure Putin pays an even steeper price for his aggression abroad and repression at home," Biden said of the sanctions.

The US Treasury Department targeted nearly 300 people and entities, while the State Department hit over 250 and the Commerce Department added over 90 companies to the Entity List. That was an increase from last year, when the US imposed sanctions on over 200 individuals and entities while Commerce targeted 90 companies for the first anniversary of the war.

The Biden administration has also imposed new trade restrictions on 93 entities from Russia, China, Turkey, the United Arab Emirates, Kyrgyzstan, India and South Korea for supporting Russia's war effort in Ukraine.

Yesterday's sanctions from the United States came in partnership with those from European Union member nations and Britain. The actions are the latest of thousands of targets announced by the United States and its allies following Russia's February 24, 2022, invasion of Ukraine, which has killed tens of thousands and destroyed cities.

Russia's export-focused, $2.2-trillion economy has proven more resilient to the unprecedented sanctions than either Moscow or the West anticipated.

Biden's administration has exhausted money previously approved for Ukraine, and a request for additional funds is languishing in the Republican-controlled House of Representatives.

"We must sustain our support for Ukraine even as we weaken Russia's war machine. It's critical that Congress steps up to join our allies around the world in giving Ukraine the means to defend itself and its freedom against Putin's barbarous assault," Treasury Secretary Janet Yellen said in a statement.

The US Treasury Department said in a statement it imposed sanctions on state-owned National Payment Card System, the operator of the Mir payment system.

Mir payments cards have become more important since its US rivals suspended operations in Russia after Moscow sent tens of thousands of troops into Ukraine, and their payment cards which were issued in the country stopped working abroad.